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CSPAN
Dec 29, 2012 7:00pm EST
, the losses at the americans' tax rates are going up. the americans paycheck will get a lot smaller. that would be the wrong thing to do for our economy. it would hurt middle-class families and it would hurt the businesses that depend on your spending. and congress can prevent it from happening, if they act now. leaders in congress are working on a way to prevent this tax hike on the middle class and i believe we may be able to reach an agreement that can pass both houses in time. but, if an agreement is not reached on time, i will urge the senate to hold an up or down vote on a basic package that protect the middle tax from the income tax hike, extends vital unemployment insurance and lays the groundwork for future progress on more economic growth and deficit reduction. i believe such a proposal could pass both houses with bipartisan majorities, as long as these leaders allow it to come to a vote. they still want to vote no, let tax hikes it the middle class, that is their prerogative. but they to let everybody else vote as well. that is the way this is supposed to work. we just ca
CNN
Dec 29, 2012 10:00am PST
off that fiscal cliff. the deadline's tuesday. if the deal isn't reached, taxes will go up on just about everybody. and massive spending cuts will kick in. >>> in india, the young woman gang-raped on a new delhi bus is dead. doctors say she died peacefully at that singapore hospital where she was being treated. authorities plan to add murder charges against the six suspects arrested in that rape. the charges will be filed thursday. angry protesters have been demanding justice and more protection for women. and police expect more demonstrations in the days to come. >>> four people are dead after a plane crashed at the moscow airport. four others were injured. eight people were on board, all of them crew members when the plane overshot the runway. don't go away. at 2:00 p.m. eastern, the top stories of the day including that growing outrage over russia's adoption ban. hundreds of americans are frantic after being told their adoptions are not going to go through. we'll also take a look back at the year in politics and the fierce battles the unexpected alliances and of course the best
FOX News
Dec 29, 2012 8:30am PST
and wallet. looking to ring in with a mileage tax. it will help to rebuild our crumbling infrastructure. would that crum bem our economy instead . i am tracey in for cheryl casone. welcome to carbin'. wayne john and john and julian and carroll. welcome everyone. so, oregon's democraticic congressman asking for a mileage tax to rebuild our roses and bridges. john is this good or bad what s going on here? >> this is a ridiculous. it is the wrong time to implement it. electric cars are decades away . having a mileage tax is decades away . putting odom heretos and logging down to the mileage manually. this would cost a fortune for the tax. we have a gas tax that is do go through road and bridges. >> and talking about a vehicle miles traveled tax. someone like me wayne, so much. i understand why people would want to clarge me more. >> i understand it, too. but john is right we have a fuel tax. and and it is it another way to track pime and look for trouble . you got a fuel tax and fuel tax is a huge tax . they are using the argument to get better mileage now. maybe you don't n
CNN
Dec 30, 2012 12:00pm PST
about for weeks and weeks, which is those tax rates. republicans are saying they want to keep tax cuts in place for incomes above $400,000. democrats from their perspective they say they have moved away from one source i talked to, their comfort zone, $250,000. they moved up from that. they're not willing to go above 400,000. the bottom line, i think it goes without saying, this is not a good sign that things are so bad right now and they're not talking at this point when we're so close to what is a clear deadline. >> it's beyond that. it's obnoxious, it's -- >> it's unsulting to americans, it's insulting to the world. more than 500 days have gone by since they came to an agreement that they would have to do something by now. it is quite remarkable that we are actually in this position. dana, excellent reporting, stand by there. i want to remind our viewers, two things that we're talking about here. the democrats had signaled that they might be able to use 400,000 as a threshold. the republicans had signaled they might be able to use $1 million as a threshold. but the speaker of the ho
CSPAN
Jan 1, 2013 2:00pm EST
progress. the most significant progress was to protect 99% of american families from any tax increase. unless -- if the senate measure is approved in the house, we will see 99% of american families spared a tax increase today. the vast majority of working families, middle-income families struggle. they live paycheck to paycheck. the pew institute did a survey within the last year or two asking working families a very basic question. if an emergency came up, could you find $2,000, borrow or find $2,000 to meet an emergency need. $2,000 is not an extraordinary amount of money when you consider that a simple trip to an emergency room or urgent care clinic could result in a $2,000 medical bill. they asked working families. barely half of american families had access to $2,000. and that tells you how close to the edge so many families live. had we not acted on this measure early this morning, these middle-income families would have faced an increase in their taxes of more than $2,000 a year. that's not only in illinois and california, but across the nation. so we had to come together and p
FOX News
Dec 29, 2012 8:00pm PST
quote massive tax increase, and i think more so than any other time in our lifetime, paul, you will see a very divergent path taken by states like california that are very liberal, and some of the states in the south that will promote tax cuts, reductions in pension class, and i think it will be a real experimente to see which models work. >> do you predict california will not get down from the jobless rate and will see an out flow of capital? the state still has tremendous resources in agriculture and high-tech obviously and the hollywood area. are you over doing some of the pessimism here about california? >> no, i do not think -- i think it is hard to see any optimistic forecast for california. everywhere i go, and as you know i go all over the country, i can't tell you how many times i run into
CSPAN
Dec 29, 2012 7:00am EST
the verge of an agreement that would let taxes rise on the wealthiest households while protecting the vast majority of americans from tax hikes set to hit in january. welcome to the saturday edition of "and the washington journal." for the first 45 minutes of the program we are going to be talking about senate negotiating a fiscal clifts deal, what has been going on on that half of the capital. see what they are talking about and how things are going. we want to get your input and your part of the conversation. you can reach out to us on twitter. facebook, facebook.com/cspan. and you can send us an e-mail. this is more from the article, the lead story in "the washington post." they ride, the development marked a breakthrough after weeks of paralysis. joining us by phone is one of the authors of that article, and, laurie, welcome to the program. tell us, what kind of a deal did the president offered? what is new in the negotiations among the senators and between the senators and the white house? caller: there does not appear to be anything new. the policies they are talking about a
FOX News
Dec 31, 2012 3:00pm PST
find a way to bye down months of the cut but says the tax issues shooting forward. >> we will continue to work on finding smarter ways to cut spending. but let's not let that hold up,be protecting americans from the tax hike that will take place. we can do this. we must do this. >> though it is down to the wire. >> it's december the 31. january 1 is tomorrow, 2013. taxes go up. >> frustrated senator john thune says the senate should have acted months ago to keep the u.s. economy going off the fiscal cliff. >> i find it really hard to sit and listen to people come up now and wring their hands and talk about gee whiz. i hope we can get something done on the last day. we put two people together basically to resolve this. >> the two people were senate republican lea leader mitch mcconnell and joe biden who worked the phones after talks between mcconnell and harry reid stalled. >> discussions continue today on plan to affect the middle class families from the tax increase tomorrow. there are a number of issues in which the two sides are still apart. negotiations are continuing as i
MSNBC
Dec 30, 2012 5:00am PST
package of spending cuts and the expiration of all the bush tax cuts. the latest in just a moment. right now, i'm joined by jamelle buoy. a staff writer for the american prospect magazine and "washington post" reporter, suzy kim. kevin williamson, dep deputy mag editor and a nonprofit group that advocates for social and economic equality. we're one day away from what most media are calling the fiscal cliff. if political concoction enacted by congress to frighten itself into passing deficit reduction measures which means unless congress acts in the next 48 hours the bush tax cuts will expire along with federal unemployment insurance and a broad package of the spending cuts including defense spending will take effect. do weeks of fruitless negotiations and john boehner and senate leader are working on a deal this morning to avoid the fiscal cliff, or as chris hayes and i call it, the fiscal curve. the deadline is soft. it's not like every american is going to be handed a bill on january 1st and there's way to manage the damage if the country goes over. the senate is set to convene t
CSPAN
Dec 23, 2012 10:05pm EST
that republicans must be ready to go over the fiscal cliff that includes no tax increases. sbainer boehner and other republican leaders have been too scared about suffering publicly if the nation goes over the cliff and the tax sbikeses that are triggered in january. now that the plan b has failed these conservative republicans should be empower you ared to make big demands and stop caving to the president out of fear." guest: that doesn't make much sense to me. you have to get it through the house republicans then the president has to sign something, if that doesn't happen then you have very large tax increases a lot more than what they were talking about in their negotiating and you have the defense cuts that happen overtime and some other, nondefense cuts. you really have this huge amount of revenue, a lot of debt reduction. it is hard to see what demands the republicans can think will be easier to make come the new year. guest: plus, we've seen the president's approval level is at a high. and the poll should show that the republicans are going to be blamed if we go over the cli
FOX Business
Dec 31, 2012 5:00pm EST
creators from this looming tax hike. everyone afrees that that action is necessary and i can report that we have reached an agreement on all of the tax, the tax issues. we are very, very close. adam: close but you no cigar. the u.s. falls off the fiscal cliff at midnight despite something in the work. you heard what senate minority leader mitch mcconnell said earlier today. we have members from both the house and senate on what happens next. i'm adam shapiro, in for melissa francis. on "money" the capital-gains tax in the cross-hairs. the capital-gains tax will spike in the new year. how can investors protect themselves from the coming blow? respect your elders or else. a parents dream, a child's burden. adult children forced to financially support mom and dad and pay regular visits in one major country. we'll tell you where and why they're doing it. even when they say it's not, it is always about money adam: had enough of the fiscal cliff yet? before we go there, let's take a look at the day's market headlines a whipsaw for the session for the markets on their last trading day of t
CSPAN
Dec 29, 2012 3:32pm EST
protects the middle class from an income tax hike, extends vital unemployment insurance for americans looking for a job, and lays the groundwork for future progress. such a proposal could pass both houses with bipartisan majorities, as long as these leaders allow to come to a vote. if they still want to vote no, that is their prerogative. but they should let everybody else vote as well. that is the way this is supposed to work. we cannot afford a politically self-inflicted wound to our economy. the economy is growing. the folks you sent to washington have to do their jobs. the housing market is healing, but that could stall if folks are seeing smaller paychecks. unemployment rate is lowest it has been in 2008, but already families and businesses are starting to hold back because of the disfunction they see in washington. you meet your deadlines. you meet your responsibilities every single day. the folks you sent here to serve should do the same thing. we cannot let washington politics get in the way of america's progress. we've got to do what it takes to protect the middle c
CSPAN
Dec 31, 2012 10:45am EST
middle-class families from a tax increase tomorrow. there are a number of issues on which the two sides are still apart. but negotiations are continuing as i speak. we really are running out of time. americans are threatened with a tax hike in just a few hours. i hope we can keep in mind our single-most important goal is to protect middle-class families. whether or not we reach agreement in the short time we have left we'll need agreement from both sides from taxes going up tomorrow for every family in america. there are still some issues that need to be resolved before we can bring legislation to the floor. the president pro tempore: under the previous order, the senate will proceed to a period of morning business until 12:00 noon. it's for debate only. senators are permitted to speak therein for up to ten minutes each. a senator: mr. president? the presiding officer: the senator from iowa. mr. harkin: mr. president, i understand we're in morning business. the president pro tempore: the senator is correct. mr. harkin: mr. president, i was disturbed to read in "the washington post" this
FOX Business
Dec 31, 2012 4:00pm EST
economic advisers. i tell you, we get the prime guests right here. ed lazear says tax hikes hurt growth. find out just how much. liz: rich edson live on capitol hill with the very latest on the fiscal cliff countdown. larry shover live in the pits of the cme, and what action we saw, wow, and we've got more than $100 billion worth of advice from our market panel, bill greiner and sandy lincoln. but first, let's talk to rich edson and, rich, you know, you're looking at a situation at the moment where you have the president saying we're close, but no deal. you have senator mitch mcconnell on the republican side saying close, but no deal. leads me to ask, what about joe biden? our vice president? he's the one who kind of brought things together in the early morning hours. >> reporter: he did, and mitch mcconnell called vice president biden, and they were hammering out a deal almost to the point where the senate minority leader said when he woke up this morning he thought they did have a deal, at least on the tax portion. republicans saying they have worked out and reached agreement o
FOX Business
Jan 1, 2013 12:00am EST
we're looking at about $620 billion in new tax hikes on this deal, $15 billion in spending cuts. they will say we still have a debt ceiling fight upcoming and only put off the sequester just for a couple of months in this deal, suite prevented broad-based rally from hitting. we will live to fight another day on the spending cuts, still it will be a tough sell. adam: it will be off to the house, but as you said, no word from house leadership on the chances of it passing. let's listen to the crowd getting ready to jump off the fiscal cliff and welcome 2013. >> five, four, three, two, one! ♪ adam: and a happy new year, everybody. 2013, and that sound you hear is your taxes going up. rich edson, minimum for most americans taxes will go up a minimum $1000 depending on how much you make, correct? >> that is right. depending on whether or not the senate and the house can pass this deal is leadership has agreed to. what you have got now are essentially broad-based tax hikes. the questions we're getting over the fiscal cliff, technically we are in this gray area riggt now where adminis
FOX Business
Dec 31, 2012 9:20am EST
fiscal cliff negotiations, that are going to eliminate this middle class tax hike, but the fact is, payroll taxes are going up. if you make $50,000 a year, you're going to pay a thousand more in taxes so when the president and congressional leaders stand up and say we saved the world, we avoided middle class tax hikes and look at your paycheck, you're going to realize they talk in a different language in washington and people get burned. stuart: i know you've got a poll on the blame game. i'm going to put it up on the screen now. i think it sails 44% will blame the republicans if we go over the cliff and 36% blame the president, scott, i think that's much more narrow than i thought. i thought republicans would overwhelmingly get trashed on this and get all-- >> no, because the republican voters say the president is to blame for everything. if their favorite football team lost it's the president's fault. a good solid base of republicans that have a different way and republican-leaning independents and 50% say both sides are to blame and the cynicism is unbelievable. they just, you k
MSNBC
Dec 29, 2012 4:00am PST
look like. >>> we have a deal. we may still get hit with an automatic tax hike. how much will that cost you? in time for the new year, a new snowstorm headed to the northeast. we'll let you know how bad this will get. and the yore in review, up with of the most unique and appalling takes on the year in review. good morning to you all. welcome to weekends with alex witt. no alex today. taking a much deserved weekend off. i'm t.j. holmes, good to be with you. new this morning, president obama outlining his course of action if we all go off the cliff. >> if an agreement isn't reached on time, then i'll urge the senate to hold an up-or-down vote on a basic package that protects the middle class from an income tax hike, extends vital unemployment insurance for americans looking for a job and lays the ground work for more economic growth and deficit reduction. >> the president is optimistic that a deal can be reached midnight on new year's eve. listen to senate minority leader mitch mcconnell. >> we had a good meeting down at the white house. engaged in discussions in the hopes we can co
FOX News
Dec 29, 2012 7:30am PST
business in three, two... >> think taxes are not going up if these guys pull off a last minute miracle? think again. hi, everybody, i'm dagen mcdowell in for neil cavuto and fox on top of a clock ticking down. less than 62 hours until it all goes town and i'm not talking about that ball in times square or those automatic tax hikes and spending cuts lawmakers are scrambling to avoid. i'm talking about taxes going up no matter what. taxes in the president's health care law. a new tax on investment income, a tax on medical device makers costing jobs, those aren't the only ones, that last tax forcing companies, many companies to layoff workers. and coming attractions for the new year, to ben stein, charles payne, todd schoenberger and sarah, charles, you first. >> let the flood gates open. listen, dagen, obviously, we know-- actually we don't know, but it's to nancy pelosi's point we're going to find out and i hope we like it. a lot of taxes associated with obamacare. you mentioned the medical device issue, a lot of these companies, by the way, medical device companies have been laying off
CNBC
Dec 31, 2012 7:00pm EST
then there was this. >> that reform has to go hand in hand with reforming our tax code so that wealthy individuals and the biggest corporations can't take advantage to deductions to those standing up here that aren't available to most americans. >> that was the first time that the public has heard the president say that he wants to raise taxes next year. >> let's pass the tax relief portion now, let's take what has been agreed to and get moving and we will continue to work on finding smarter ways to cut spending but let's not let that hold up the tax hike that will take place in ten hours. >> i want to give a kudos to senator biden. good for him and good for mcconnell. good evening. this is the kudlow report. now there still may be a vote in the senate tonight. the breaking news story devel developing on a minute by minute basis. let's bring in john who has been doing a brilliant job. good evening. >> reporter: we are still waiting for the wrap up of a deal between vice president biden and senate republican leader mcconnell. i got a message from a source in the senate who said
FOX Business
Dec 24, 2012 10:00am EST
vacation, but there still is no deal on taxes. nearly every american is going to have to pay more in just eight days if congress can't reach some kind of an agreement. checking the big board right now, the dow jones industrial average is down about 41 points. again, we've got a half day of trading and we close today at 1 p.m., so that traders can go out on christmas break. light volume, but there are significant movers that we'll talk about in just a second. in particular, apple and jb penpejb-- j.c. penney. we have shibani joshi and adam shapiro as well and first to nicole, j.c. penney, a lot of people worried about retail sales, think it's going to hit companies like j.c. penney hard? guess what? the stock is up 4%, why? >> that's a huge move on a day when the major market average, look the at j.c. penney, it's posted comments from oppenheimer this morning, talking about the fact that promotions are working well and bringing traffic into john kerry opiniony, you know that we spoke about ron johnson and came up from apple and his whole theory, was no promotion and great prices all the ti
CNN
Dec 31, 2012 11:00am PST
deal when the new year hits. so too will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible way that doesn't just deal with the taxes, but deals with the spending in a balanced way, so that we can put all this behind us focusing on growing our economy. but with this congress, that was obviously a little too much to hope for at this time. >> let's turn now to chief white house correspondent jessica yellin. let's talk a little bit about the outlines of the deal, the fact that the president came out to make his case and try to push this thing over the finish line. what does the white house have to do to gain the backing it needs. >> reporter: well, what we heard fr
CSPAN
Dec 30, 2012 6:00pm EST
with these tax increases and spending cuts in a humane and tolerable way. the calm act does all of that. look what happens to people in need if we go over the cliff and just do nothing. on new year's day, the lowest income tax rate will jump from 10% back to the clinton-era rate of 15%. that's a pretty big financial bite for people in west virginia and i know in ohio, too, sir. these are people that are struggling right now. instead of an overnight tax hike of 5%, the calm act smooths the transition by phasing in increases over three years. so instead of a 5% increase, the 10% bracket would only go to 1 1.6% the first year. the calm act does the same with the other tax rate tax rates phm in over three years. but the calm act also puts the senate on record in support of comprehensive overhaul of our tax system. we can still work towards a big fix like the simpson-bowles framework and if we can do that next year, we could stop the full increase from ever occurring. another important feature of the calm act is the way it treats sequestration. again, if we go over the cliff and do noth
FOX Business
Dec 30, 2012 4:00am EST
shielded from tax increases, and now he wants an extension of unemployment insurance. that is something that essentially a nonstarter in a republican-controlled house. now he is leaving it up to the two leaders in the u.s. senate try to reach a compromise. something perhaps along the line of what is being negotiated between the speaker and the president a couple of weeks ago. perhaps a tax increase for amounts of more than $400,000 or $500,000 per year. also, senate leaders want to includsomething on the este tax, according to a white house official. we'll can also be key to this is that the white house officials are also telling fox news and ed henry that it appears as though the debt ceiling is not part of that. this is a huge nonstarter for republicans in the house. they want any dollar and increase of the debt ceiling to also invol a dollar in cuts over 10 years. if they don't have those corresponding cuts, it is unlikely that many of them will vote for an increase in the debt ceilin removing them from the equation helps pave the way, at least for what will really be described as a
CNN
Dec 30, 2012 6:00am PST
another tax cut. i would argue we can't afford it as a country, but the question is, are we going to allow middle class families to see their taxes go up while we have this debate? if we can agree we will continue tax cuts for the middle class, everything else begins to fall into place. >> wlho is working at this moment? are you involved in this? >> i've been in touch with those involved in this. there is no deal yet. i continue to hope for a bipartisan agreement today. what we see a monumental failure of presidential leadership. the president is the only person with a pen to sign this, and it's the president's responsibility to work on something that the house will pass, the senate will pass and he will sign. he is outsourcing this. he continues to campaign and lecture when he ought to focus on the number one problem that hurt z us as a country, which is our debt. >> it would be nice to place all the blame on the president, but that's not the reality. in the house our democratic caucus is meeting later on today. we've been united as democrats in wanting to protect middle class famil
CBS
Dec 30, 2012 8:30am PST
democrats tell us they are just still too far apart on taxes. democrats was soset the limit at $250, 000, let the tush of bush tax cuts expire for people making more than that. republicansment that limit to be higher, and they're also far apart on estate taxes. they will meet with their caucuses later today and at that point we expect they're going to tell their members they just weren't able to make out a deal on this. >> o'donnell: major, you have been talking to the white house. >> reporter: the fiscal cliff preoccupation hab about taxes but there's another part, across-the-board cuts, and they are preparing to send out furlough noticees, and apply want quester. >> o'donnell: the white house is preparing to do that? >> reporter: it that's. because the deadline is approaching. it cannot reasonably ignore the law, and misapplying. so it is now preparing to send out a variety of notices to federal contractors, the contract is suspended or canceled. or to tell various agency the-- the t.s.a., f.a.a., all through the federal government, lay people off, this is real, because they seapo
FOX News
Dec 31, 2012 10:00am PST
washington's failure to reach a deal would trigger a big series of tax hikes and spending cuts. welcome to "america live" i'm rick folbaum. >> i'm arthe arthel nevel. the president is expected to make remarks within the hour about the on going negotiations about the so-called fiscal cliff. we'll bring that live to you when it happens. sources are telling fox news that congress has figured out the tax part. the main bone of contention is at this point the spending. the white house wants new spending using tax hikes to prevent some of the severe budget cuts that also kick in in 11 hours from now. republicans argued that is just robbing pete tore pay paul. chief congressional correspondent mike emanuel is live at the capitol following all of the bouncing balls. hey, mike. >> reporter: one concern for republicans as they look at this deal is what about spending cuts? where are the spending cuts? it sounds like they are getting close in the talks between vice president joe biden and the senate republican leader mitch mcconnell but there is not a deal until senator mcconnell knows he
FOX Business
Dec 26, 2012 6:00pm EST
the second round of so-called bush tax policies came to the house. the house house wanted $550 billion in cuts. all they could get was $250 billion. it was a compromise. george bush came down and met with our conference and said, you guys thought the good fight, this is what i mean, need, let's go and take what we can get, with a $250 billion and the problem is solved. gerri: i don't see that exactly. [talking over each other] [talking over each other] >> can you imagine? can you imagine lyndon johnson sitting on the sidelines while something like this was going on? gerri: i cannot imagine lyndon johnson going anywhere but washington and sitting there, quite frankly. something that is new out this afternoon, senior administration officials in hawaii, saying that it up the gop. that gop leaders should not stand in way of coming to resolution of the fiscal debt crisis. what do you say to that? let me tell you, a lot of finger-pointing is continuing, and i'm not seeing any resolution. i don't think anyone else's either. >> speaker boehner had planned be on the floor last week. the
CSPAN
Dec 31, 2012 7:00am EST
saying yes." what has been going on here? wanted to president's raise taxes for people making over $250,000 a year and do that with some budget cuts and some and tom reform and that he has not been able to get any kind of action from the republicans. he believes there is a negotiation in which he has been the only person willing to put forward any kind of compromise and the house republicans have not been able or willing to do. the vote john boehner schedule and had to cancel is evidence of that in the present cost mind -- in the president's mind. we have part of what speaker boehner said. "the comments today are ironic as a recurrent theme was his unwillingness to stand up to anything in his own party. from the republican side of the aisle and speaker boehner, where are things at the moment? guest: the speaker had been hoping there would be a larger deal. the president was ready to move forward on in the time they had in front of them. this was in vision at one point to be the grand bargain which would incorporate in atomic reform and all sorts of budget cuts. changes to the tax r
MSNBC
Dec 30, 2012 3:00pm PST
. but their only priority is making sure that tax breaks for the wealthiest americans are protected. at some point, i think what's important is that they listen to the american people. >> joining me now, congressman chris von holland of maryland. good evening. it is a good sign that chained cpi is off the table. the senate will be back tomorrow at 11:00. how high is your optimism or pessimism at this moment? >> well, it was a very bad sign when senator mcconnell put this social security change on the table, as part of a small deal, that was obviously something that could have totally thrown a monkey wrench into the process. so the fact that they backed off that is obviously good news. but as senator reid said, there are lots of obstacles still to go. and the fundamental issue remains what the president just said in that clip. both today and for the last year, the number one priority of republicans have been -- has been to use the middle class tax cuts as leverage to try and extract these super big tax breaks for very wealthy individuals, including now their focus on trying to get 7,
FOX Business
Dec 31, 2012 1:00pm EST
year. i am shibani joshi. ashley: and i and ashley webster. fiscal cliff talks are stalling. tax hikes and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it is a complete nightmare. [ laughter ] ashley: time now for stocks now as we do every 15 minutes. we are up 51 points. not too bad on this last trading day of the year. >> that is right. the dow has been pretty flat. going back and forth between the red and green. the nasdaq is up 30. same goes for the s&p stock of about nine points. we are also watching a settlement between u.s. regulators and about a dozen banks. sources tell the "new york times" that 14 banks include tank of america, wells fargo and jpmorgan chase. we are taking a loo
CBS
Jan 1, 2013 1:35am PST
. but they did strike a deal on taxes. >> three hours before the midnight dead line senate minority leader mitch mcconnel and joe biden emerge with taxing and spending. >> this is a mini cliff, big cliff still lies in front of us. big cliff. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. far above the $250,000 on which president obama campaigned. those making more will see higher income taxes, capital gains and dividends rates. san francisco tax attorney rob wood says you will notice on the paycheck one popular tax cut will be history. >> say the average person earning $1,500 a year will earn $20 more in tax increases. >> reporter: it extends unemployment benefits for one year and keep the child tax credit for workers who don't earn enough to pay incom
CNN
Dec 30, 2012 2:00pm PST
terms of what we think the rates should be for -- and at what point there should be a tax cut and at what point there should be a little revenue that we should collect. there is a difference there. there was a difference about whether or not we should be looking at the social security issue in this discussion. my understanding now the republicans have backed off now, correct, and we are looking at whether or not we are going to end up with deficit and debt reduction and whether or not the changes the republicans are insisting upon are going to comes on the backs of the middle class. >> seine toe, the clock is tick. and i'm sure you heard during your campaign, which you just won, a lot of people saying what is going on with washington? we are so close now this deadline. you can't -- probably hard to put into words how frustrated people are are a lot of talking going on and you can't come together with republicans and they can't come together with you to stop taxes from going up for all americans. >> well, the american people in their wisdom sent a divided government to washington. off
ABC
Dec 30, 2012 8:00am PST
can't happen at the last minute, but to avoid going over the fiscal cliff, to avoid taxes being raised on middle class folks and on 98% of america to avoid, in my view, a sequestration that would be very damaging to the defense and nondefense sides, there's an agreement that's possible, and, you know, there are four issues that are outstanding. each of them is bridgeable in a certain way. they are, we believe that the bush tax cuts should go up for people above $250,000 income a year. there is a disagreement on estate tax. we prefer the 2009 levels. jon would prefer something else. whether unemployment insurance is included in, we feel that's very important, and then whether you use some small portion of the revenues you gain from the tax increases to pay down sequestration per year. those would be the four areas they have to come to agreement on. there are some areas i think there is agreement. dealing with the amt patch so that middle class people don't go up, the sgr, the medicare and some tax expenditures on business and middle -- >> let's be clear here. you're talking about extend
FOX News
Dec 31, 2012 7:00pm PST
acted together to get the taxpayer beyond this crisis that the bush tax cuts presented. that is the only thing i think we will really resolve, though. >> bret: that's right and we will resolve. it at least will be 2013 by the time we deal with all of this. a.b., happy new year. thanks for joining us tonight. >> the thanks, bret. stand by. we will restart in just a moment with the latest on the fiscal cliff. >>> this is a fox news alert. i'm bret baier live in washington. we are following what is developing to be the beginnings of a deal. we heard of a deal all day long between senator mitch mcconnell, the senate minority leader and vice president joe biden. they have been talking nonstop about trying to come to some conclusion. a little bit of a scaled back version of the original grand bargain to deal with the expiring bush era tax cuts and also to deal with the impending sequester, the across-the-board cuts that would hit the pentagon and also domestic spend ising. they have according to the white house and senate republicans reached a deal but vice president biden is up on the se
MSNBC
Dec 31, 2012 6:00pm PST
tell it increases taxes on certain americans and it would probably increase spending as well. and there might be a debt ceiling part of that as well. and it doesn't anything about entitlement reform, which is the problem. i think it would probably be the typical washington deal. but i can't vote for something that is not a solution. and, again, on all fronts, though, i do believe it's going to cost american jobs. >> vice president biden began participating in negotiations at the request of senate minority leader mitch mcconnell yesterday, and helped forge a deal on taxes. the proposed deal worked out earlier today is said to raise $600 billion in revenue over the next decade through new tax increases on the wealthiest americans. the bush era tax rates would be extended for all single americans, with income below $400,000, and couples with income below $450,000. all income above those levels would be taxed at a clinton era top tax rate of 39.6%. and capital gains taxes above those amounts would also be increased up to 20% up from 15%. the deal is also said to include a permanent fix for
MSNBC
Dec 26, 2012 9:00pm PST
happens. all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. this basket of problems is what washington calls the fiscal cliff. you've been hearing for months now about the cliff crisis. you've heard a lot about whether or not it will matter, you've heard about the offers and the counteroffers president obama and house speaker john boehner put on the table. if you live in the game area, you're going to be reading about the cliff whether you like it or not. we at starbucks have an opportunity and i believe a responsibility to use our company's scale for good, by sending a respectful and optimistic message to our officials to come together and reach important ground. this week, through december 28th, partners at our washington, d.c., area stores are writing come togeth
CNN
Jan 1, 2013 3:00am PST
things. but we can say we've done some good for the country. >> bush era tax cuts will remain in place for individuals earning less than 400,000, couples earning less than 450,000. unemployment benefits for 2 million americans would be extended for a year. the alternative minimum tax permanently adjusted for inflation. and when it comes to spending cuts, lawmakers decided to kick that can down the road for two mont more months. we can expect more finger pointing and fighting to start the new year. brianna keel ar, with us all morning joins us again live from washington. and really, the house is a wild card. we don't know exactly how they will vote later today. but they will take this up somehow. how will this play out? >> they could vote today. they could vote on the early side today, say midday. that's entirely possible, but, first, house speaker john boehner has to take this deal that was struck in the senate and he will meet with his conference with house republicans and he'll try to get some buy in. explain it to them, have an exchange of ideas and see where they are. you kno
FOX News
Dec 31, 2012 1:00pm PST
finishing up as a deal to avoid massive tax hikes is making up, the dow up 189 points at the close. this is what we get from the senate: taxes go up for families making more than $450,000 or more. the top tax rate jumping to 39.6 percent from 35 percent. the deal increases revenues by $600 billion over the decade. the deal does not contain any new spending cuts according to g.o.p. sources. is that a deal wall street should be cheering in we are on top of it with ed henry and charles payne and lauren, and scott martin on the potential economic fallout. charles, follow the rally. what is the message? >> maybe it is over. maybe the sword we have been hearing about is over and impacted the general committee to a point where any deal could be better than no deal. also, it could have been worse that is what we are hearing. dividends taxed at 23 percent with obama's health care rather than 43 percent, that is a sigh of relief. especially older people with fix the investment living east dividends. the big question to wall street is the debt ceiling. they are negotiating three month pause or one yea
CNBC
Dec 28, 2012 7:00pm EST
this tax hike on the middle class and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> now what would be in that mini deal? we're talking about tax increases for people at near the top of the income scale. the question is the threshold, 400 or $500,000 are the likely places that that could end up. it would likely turn off the automatic sequester by using some of the revenue from the tax increases to account as budget cuts and turn off they is quester and it would also extend unemployment benefits and do the so-called doc fix to prevent reimbursements from declining and also have a milk fix, michelle that would prevent the doubling of milk prices which would occur without an extension of subsidies. >> why aren't people more optimistic? i haven't heard about enough spending cuts that would bring republican spending cuts. why are republicans more optimistic now? >> they're concerned spending cuts would not be a part of this deal. i talked to an aide who said that opportunity would slip through our fingers and we'll make another round a
CNN
Dec 30, 2012 9:00am PST
tax cuts for 98% of americans. i don't think anybody would consider that some liberal left wing agenda. that used to be considered a republican mainstream agenda. >> joining me senator olympia sn snowe of maine. let me start with that. it does seem sort of counter intuitive to have republicans wanting to fight for tax hikes for no one and in that fight, being willing to allow tax hikes for everyone? >> you know, i would agree with that. obviously it is important to make sure that middle income america does not confront a tax increase at the beginning of next year, which is less than two days away. that is critical. the second part is, of course, is trying to address the spending cuts that are going to be crucial next year as well. more for the long-term debt reduction that i think republicans are talking about, but the bottom line is, we should pass this tax extension for middle income america before we adjourn this year. >> and what is -- what do you -- where do you think this will land? as we understand it now, there is still a difference of opinion, about where that tax rate should
FOX News
Dec 28, 2012 12:00am PST
everything they want. they would get to raise taxes, and then, to top it off, the shoulders of republican mÑwxj >>> and watch this. >> american people, i don't think understand the house representative is operating without the house of representatives. it's being operated with a dictator ship )÷!>> let him take the country over the fiscal cliff if he so chooses. they were elected to get the fiscal house in order. now is the time for republicans to stand up for your kids and grandchildren. maybe she the should say they're looking out for the future, future generations maybe now is the time to take a stabbed stand and say they're not going let washington continue with this out of control spending, debt, maybe now, at this moment, maybe that is the right thing to do. and joining me now with reaction to this developing story are two house republicans, congressman louie gomert. welcome back to "hannity". >> good to be with you. >> sean, i can -- . >> sean: go ahead. >> i can sympathize that he can not imagine our consciences in the house because you'd have to have one to aim
CNBC
Dec 31, 2012 3:00pm EST
on taxes. we've got a few kinks to work out but they are quote, very, very close to a deal. tune in tonight 6:00 to 7:00 p.m. live for coverage of the fiscal cliff. myself and a cast of thousands with your latest as we count down toward the end of the year. "closing bell" coming up next. could be a big final hour of trading. bill griffith and an australian woman hosting the next hour. stay tuned anyway. >>> yeah. hang on, kids. here we go. welcome to "closing bell." i'm bill griffith. >> and i'm the australian woman. i'm mandy back at cnbc's world headquarters standing in for maria bartiromo. here we go, folks. stap yourself in. last trading hour for the whole year. the fiscal cliff, there may be a merge. we'll bring more on that. >> take a look at the charts. this tells the story in the last few minutes with mitch mcconnell on the floor saying that we are very, very close. we'll get more details from john harwood in a moment, but right now the markets are voting and they're giving thumbs up with the dow up 138 points. nasdaq up 2% right now. it's been strong all day. now at 3,020.
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